Ripple the San Fransisco based blockchain payments firm just raised $200 million in a new series C funding round. This massive funding was led by investment firm Tetragon. The funding round was also joined by Japanese financial giant SBI holdings and venture capital firm Route 66 ventures. After this funding, the company now values at $10 Billion.
Boosting XRP – Ripple’s cryptocurrency
XRP, the cryptocurrency of Ripple is the third biggest cryptocurrency after Bitcoin and Ethereum. XRP was launched in 2011 and has been competing with Bitcoin since early. Though Ripple’s XRP has experienced a tough year for several reasons. But the funding is expected to help boost XRP and its native blockchain network XRP Ledger.
Brad Garlinghouse, CEO, Ripple said that he expects the company to grow its customer base by 30-40% in the coming year. He stated, “We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.” He also said that the company kept gaining momentum when others in the same space slowed down or even shut down.
As per the report, Ripple’s third-quarter sales this year were down over 73% in comparison to the sale of $251.51 million in the second quarter. Supposedly XRP lost about half its value in the last one year.
Though there has been a significant drop in the number of sales especially in the third quarter, Ripple claims 2019 to be the strongest year to date. It claims to have a customer base in around 45 countries and six continents with payout capabilities in around 70 countries.
Earlier this year Ripple partnered with Moneygram – second-largest remittances firm in the world. At that time Garlinghouse claimed MoneyGram using Ripple’s xRapid liquidity product is a bigger deal than Facebook’s Libra project.
According to Garlinghouse, Ripple also has plans to hire new talent with the investment to expand globally.